Please ensure Javascript is enabled for purposes of website accessibility

Why SolarEdge Technologies Shares Popped 24% Today

By Travis Hoium - Updated May 7, 2019 at 2:52PM

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

Q1 was another great quarter for this solar supplier.

What happened 

Shares of SolarEdge Technologies (SEDG 5.60%) jumped as much as 24.2% in trading Tuesday after reporting first-quarter 2019 earnings. At 2:20 p.m. EDT, shares were still up 21.8% on the day. 

So what

Revenue for the quarter was up 3% to $271.9 million and net income jumped 47% to $19 million, or $0.39 per share. On a non-GAAP basis, which is what Wall Street analysts compare against, net income was $32.9 million and earnings per share were $0.64. 

Large roof with solar panels.

Image source: Getty Images.

Results easily topped the $265.4 million in revenue and $0.62 per share in earnings that analysts expected. For the second quarter, management said it expects revenue to grow to anywhere from $310 million to $320 million. 

Now what

The solar market has been relatively flat early this year, so it's impressive SolarEdge is growing as much as it is. The company has done this by pushing into more markets and expanding the number of products it offers. With the industry expected to return to steady growth in the next few years, the future looks very bright for this solar stock.  

Invest Smarter with The Motley Fool

Join Over 1 Million Premium Members Receiving…

  • New Stock Picks Each Month
  • Detailed Analysis of Companies
  • Model Portfolios
  • Live Streaming During Market Hours
  • And Much More
Get Started Now

Stocks Mentioned

SolarEdge Technologies, Inc. Stock Quote
SolarEdge Technologies, Inc.
$252.18 (5.60%) $13.38

*Average returns of all recommendations since inception. Cost basis and return based on previous market day close.

Related Articles

Motley Fool Returns

Motley Fool Stock Advisor

Market-beating stocks from our award-winning service.

Stock Advisor Returns
S&P 500 Returns

Calculated by average return of all stock recommendations since inception of the Stock Advisor service in February of 2002. Returns as of 05/19/2022.

Discounted offers are only available to new members. Stock Advisor list price is $199 per year.

Premium Investing Services

Invest better with The Motley Fool. Get stock recommendations, portfolio guidance, and more from The Motley Fool's premium services.